Sublime

But a great business is defined by its ability to generate cash flows in the future. Investors expect Twitter will be able to capture monopoly profits over the next decade, while newspapers’ monopoly days are over.

What does a company with large cash flows far into the future look like? Every monopoly is unique, but they usually share some combination of the following characteristics: proprietary technology, network effects, economies of scale, and branding.

El lujo es un sector interesante por dos cosas, que van unidas. Las barreras de entrada son muy altas, y esas barreras de entrada altas permiten tener (y mantener de forma indefinida) unos márgenes de beneficios más altos que la media. La combinación de altas barreras de entrada y a la vez altos márgenes de beneficio permanentes es muy atractiva